Business Could Be Valued At Up To €2 Billion

FRANKFURT—Germany’s Siemens AG is in advanced talks to sell its hearing-aid business, which could be valued at up to €2 billion ($2.55 billion), according to people familiar with the matter.

Private-equity firm Permira Holdings is bidding for the hearing-aid unit by itself, while rival EQT Partners, based in Stockholm, may form a consortium with hearing aid maker GN Store Nord A/S to acquire the assets, the people said.